Accounts Payable

1099 / 1042-S

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IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Marketplace Transactions, Foreign Sellers, and 1042-S Reporting Rules

Q. I’m seeking guidance on whether certain marketplace transactions create U.S.-source income for… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Incorrect Addresses on 1099 Forms

Q. Does the address on the 1099 matter to the IRS? A. (Answered by IOFM's third-party tax… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099-MISC Reporting for 4H Livestock Sales with Commission

Q. We have 4H kids that particpate in the County Fair. When they sell their livestock, we send them… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Correcting a 1099-MISC After an Erroneous Payment

Q. Our company paid a beneficiary in 2022, reported in 2023 as 1099-MISC. It has now been brought… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Foster Care Payments and 1099 Reporting

Q. Are foster care payments to individuals caring for children in foster care 1099… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1042-S Reporting Requirements for Payments to Foreign Vendors

Q. We are looking in to 1042 reporting and if we are required to report. If we pay any foreign… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 Reporting for Payments to a DBA That Is a Disregarded Entity

Q. We have vendors that submit Form W-9 with a parent company name on line 1 and DBA on line 2,… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 Reporting for Hazardous Waste Removal Services Provided by a Corporation

Q. Would hazardous waste removal services be classified as "medical services" and thus reportable… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 Reporting for Suppliers with the Same FEIN and Legal Name but Different Addresses

Q. Our team manages several suppliers who share the same FEIN and legal name but maintain separate… Read More
IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Correcting a Vendor’s W-9: Do You Need to Issue a 2024 Form 1099?

Q. A vendor selected the LLC C federal tax classification on their Form W-9, so we didn't issue… Read More
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